.Explain the various factors of production.
Answers
Answer:
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Explanation:
Goods and services we use are made available to us through production. There are four factors of production i.e. land, labour, physical capital and human capital.
The first requirement for production is land. Land as a production factor also includes other natural resources like water, forests and minerals found in the earth’s crust.
The second requirement for production is labour or workforce. These are the people who do the different tasks involved in production.
The third requirement for production is the inputs required for the different stages of production. These inputs are called physical capital or simply capital. The most important factor here is the entrepreneur, who is willing to risk his capital to start a production activity.
Answer:
The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The second factor of production is labor.
Explanation:
I hope you understand now.